Successful founding and financing of nanotechnology companies

2) Am I an entrepreneur? Do I have what it takes?

Don't underestimate the personal challenges involved in starting a company!
Before you go any further, you should be asking yourself the following questions.

Are you sure that you'll be able to sleep at night and that you won't be haunted by the uncertainties and stress of being an entrepreneur?

Are you a good decision-maker? Are you the sort of person who only makes decisions after exhaustively analyzing the facts, or do you tend to make decisions based just on your gut feel?

Do you have management experience, not only in supervising but also in leading? Do you know how to manage people and delegate? Do you know how to motivate?

Do you have self-discipline and drive? Are you the sort of person who can set ambitious goals for yourself? Do you personally have the focus and determination to meet them?

Do you have at least a basic knowledge of business?

Are you able to live without a regular or stable source of income for a time?

How is your physical fitness? Do you have any health issues which may interfere with your plans?

Are you able to cope with ongoing stress?

Are you prepared to work, at least in the initial years, 60 or more hours per week?

Can you count on your family to give you their full support?

Are you the sort of person who, rather than avoiding problems, meets them head on and looks for creative solutions?

There are various personality self-tests which you can find on the internet – some better than others - to help answer these questions. Give them a try! At the very least they'll give you something to think about.

Practical tip

Not everyone is cut out to be an entrepreneur. However, even if you see some weaknesses in yourself - and we all have weaknesses - your plans may still work out so long as you recognize and understand these. Talk to friends and colleagues openly about your character traits. Their feedback won't cost you a penny but could be extremely valuable for your future entrepreneurial success.